Increasing use of artificial intelligence (AI) and explainable artificial intelligence (XAI) is likely to see the banking industry moving towards an environment where the customer owns their data and can easily move between banks or other financial organisations with their historical financial information. Prema Varadhan, chief architect and head of AI at Temenos, says this is a long-term aspiration that traditional banks may struggle to attain in the medium term. However, the first step was taken with the introduction of the General Data Protection Regulation (GDPR) in Europe in 2018.…
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Mobile phones are replacing bank accounts in Africa
It doesn’t look like the hub of an online bank. But that’s what the yellow and blue metal kiosk becomes when Albert Agane locks himself behind the metal bars every day at 6am. From his perch along a dusty suburban thoroughfare in Accra, the 28-year-old helps fellow Ghanaians withdraw or deposit cash for accounts they operate from their mobile phones. All they need do is text. Mobile money is the fastest-growing source of income for wireless-network operators like MTN and Vodafone’s Safaricom unit, outpacing data since many Africans don’t have…
Read MoreWhat can give local franchise brands the edge?
Modern day businesses in South Africa are dealing with a number of challenges that all contribute to consumers having less money to spend: rising living costs, currency instability and general economic uncertainty. In this landscape, business operations need to adapt to fast changing consumer needs (regardless of the industry). This is especially true in the local franchising sector where a highly competitive environment is coupled with international brands cutting into local brand share. Big names such as Starbucks, for example, make it difficult for South African businesses and franchises to…
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